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UPSTREAM – Chevron Corp

Chevron Corp · Sep 1, 2014 · 41 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. UPSTREAM – Chevron Corp – slide 1
    Upstream George Kirkland Vice Chairman and Executive Vice President Jay Johnson Senior Vice President Upstream 2014 Chevron Corporation
  2. UPSTREAM – Chevron Corp – slide 2
    A Strong Worldwide Portfolio 728 MBOED 587 MBOED 2013 Production By Region 1,000 North America Europe, Eurasia and 800 Middle East 600 400 200 0 2017 Production By Region* 1,000 800 600 400 592 MBOED 690 MBOED 200…
  3. UPSTREAM – Chevron Corp – slide 3
    Upstream Continues to Execute the Right Strategies Grow profitably in core areas and build new legacy positions Achieve world-class operational excellence Maximize and grow the base business Lead industry in the selection and…
  4. UPSTREAM – Chevron Corp – slide 4
    Themes Performance Portfolio Growth 2014 Chevron Corporation 4
  5. UPSTREAM – Chevron Corp – slide 5
    2013 Net Production Base decline < 3% Net Production: 2,597 Shale and tight resources MBOED delivered 15% growth Base Performance Shale Major 2,610 Base* Capital 2,597 & Tight Key 2013 Startups: Projects ALNG (49) 25 11…
  6. UPSTREAM – Chevron Corp – slide 6
    2017 Production Growth Update Contractual Projected Net Production in 2017 MBOED price effects 79 to 110 Price Value decisions 3,300 Effects U.S. Gas Slowdown Asset Asset Project Future Reduced U.S. Sales Adds Delays…
  7. UPSTREAM – Chevron Corp – slide 7
    Consistent Exploration Success 10.2 BBOE 56 % 59 % Exploration Resource(2) Resource(1) Adds Success Rate Success Rate Replacement 10 Year Total 10 Year Average in 2013 20032012 Percent Replacement 120% 110% XOM 95% RDS 77% 66%…
  8. UPSTREAM – Chevron Corp – slide 8
    Delivering Sustained Resource Replenishment 5 Year Resource* Replenishment: 195% Resource Billion Barrels of Oil-Equivalent Replenishment Additions 67.8 63.2 Production Asset Sales 423% (4.9) (2.6) 12.1 1 Year 236% 2008…
  9. UPSTREAM – Chevron Corp – slide 9
    Strong Reserve Performance Reserve 3 Year Reserve Replacement Ratio: 123% Replacement Ratio Billion Barrels of Oil-Equivalent 85% 10.5 Production Additions 11.2 Asset 1 Year Sales (2.88) (0.15) 3.69 100% 2010 2013 5…
  10. UPSTREAM – Chevron Corp – slide 10
    Leading Realizations and Competitive Cost Structure Realizations Upstream Costs per BOE per BOE 90 50 1 1 1 70 40 1 50 30 2 2 3 4 3 30 20 10 10 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 Realizations lead peer…
  11. UPSTREAM – Chevron Corp – slide 11
    Superior Financial Performance 30 1 1 1 22.72 2013 Adjusted 20 1 Earnings Per BOE 10 2 2009 2010 2011 2012 2013 30 1 2 1 17.2% 2013 Adjusted ROCE 20 4 1 10 2009 2010 2011 2012 2013 CVX Ranking relative to IOC IOC…
  12. UPSTREAM – Chevron Corp – slide 12
    Themes Performance Portfolio Growth 2014 Chevron Corporation 12
  13. UPSTREAM – Chevron Corp – slide 13
    Differentiated Portfolio Management Earnings per Barrel Distribution per BOE 25 Performance improvement over 10 years driven by 20 value-focused investment 15 2013 results are the highest 10 of competitor range 5 2004…
  14. UPSTREAM – Chevron Corp – slide 14
    Creating Value by Moving Resources to Production Long-term Strategy: Exploration Add resources Prioritize and develop projects Resources to reserves Production Project Resources Sanction Reserves RRR Divestments 2014…
  15. UPSTREAM – Chevron Corp – slide 15
    Strategic Portfolio Investments Net Production Natural decline of base production 14% MBOED Investment in base reduces average Major Capital Projects decline rate to less than 3% Investment in Base Base investment 30% of C&E…
  16. UPSTREAM – Chevron Corp – slide 16
    Strategic Portfolio Management Prioritizing discretionary Production Life Cycle of Assets investments Exploration, Mature Economic and value driven Early Entry Developments Base, MCP, Exploration Unfunded assets Defer, recycle…
  17. UPSTREAM – Chevron Corp – slide 17
    Profitable Growth through Capital Investments 2014 Upstream C&E: 35.8 Capital investment drives Billions valuable production and 40 financial growth 30 2015 - 2016 C&E range: 36 B +/- 1 B 20 Exploration 10% for long-term value…
  18. UPSTREAM – Chevron Corp – slide 18
    Strongest U.S. Liquids Position Largest liquids producer in U.S. U.S. Liquids Production % of U.S. Production Our U.S. and global liquids 100 percentage are similar 80 Strategic capital allocation 60 results in high-margin…
  19. UPSTREAM – Chevron Corp – slide 19
    Strong Permian Position Superior lease position Largest undeveloped lease holder* 1.9 MM net acres across basin 17,000 well prospects Midland Basin Advantaged acreage 60% no royalty, 30% low royalty Delaware Basin Low lease…
  20. UPSTREAM – Chevron Corp – slide 20
    Value Focused Development Stacked play advantage Delaware Midland Acreage multiplier Basin Basin Multiple wells from each location Avalon Clearfork 1st Bone Lowers risk and cost Upper Spring Spraberry Central Basin Platform…
  21. UPSTREAM – Chevron Corp – slide 21
    Long-Term Potential Midland Basin Permian Basin Growth Net Production MBOED Rig Count 500 M net acres with Wolfcamp focus 8,200 liquid-rich well prospects 250 50 Drilled 330 gross wells in 2013 200 40 Plan to drill 330 gross…
  22. UPSTREAM – Chevron Corp – slide 22
    International Shale and Tight Resource Growth Duvernay Argentina Large position 325,000 acres Liquids-rich Vaca Muerta shale Successful exploration program Exploration and development opportunities High condensate yields Plan to…
  23. UPSTREAM – Chevron Corp – slide 23
    Positioned for Domestic Gas Growth Diverse onshore U.S. Gas portfolio Significant dry gas prospects ready for the right market conditions Piceance 1,800 well prospects Haynesville 1,200 well prospects Permian 2,500 well…
  24. UPSTREAM – Chevron Corp – slide 24
    Disciplined Capital Allocation Value driven allocation process 2014 - 2016* C&E Allocation Large project queue International Asset prioritization Gas 7% All assets must compete for capital International Oil LNG 42% Allocation…
  25. UPSTREAM – Chevron Corp – slide 25
    Themes Performance Portfolio Growth 2014 Chevron Corporation 25
  26. UPSTREAM – Chevron Corp – slide 26
    Significant Growth to End of Decade Project Startups Project Startups 70 250MM Chevron Share 25 1B Chevron Share Liard and Horn River Basin Rosebank Clair Ridge Kitimat Marcellus TCO FGP/WPMP Hebron Duvernay and Utica Permian…
  27. UPSTREAM – Chevron Corp – slide 27
    Ramping-up New Project Production Angola LNG Usan Papa-Terra Start-up in 2013 Start-up in 2012 Start-up in 2013 Greenfield 5.2 MMTPA 23 wells online FPSO and 2 production LNG plant Continue drilling program wells online Variability…
  28. UPSTREAM – Chevron Corp – slide 28
    Gulf of Mexico Start-ups Jack / St. Malo Big Foot Tubular Bells Planned start-up in 2014 Planned start-up in 2015 Operator forecast 3Q 177 MBOED capacity 79 MBOED capacity 2014 start-up FPU installed TLP tow to location in 2014 44…
  29. UPSTREAM – Chevron Corp – slide 29
    Gorgon LNG Start-up Mid-2015 Progress 2014 Key Milestones Project 78% complete Complete LNG loading jetty structure 6,000 people working on Barrow Island Complete LNG Tank 1 20 of 21 LNG Train 1 modules delivered Start-up first…
  30. UPSTREAM – Chevron Corp – slide 30
    Wheatstone Progress and Milestones Progress 2014 Key Milestones Project 30% complete Deliver first LNG train module 3,800 people at site Complete LNG Tank 1 foundation Wharf operational Install offshore steel gravity structure…
  31. UPSTREAM – Chevron Corp – slide 31
    TCO Production Growth TCO Expansion Projects Key Milestones Grow production to 1 MMBOED Signed alignment MOU with Kazakh WPMP extends production plateau government in November 2013 FGP expands facility and well capacity FGP and WPMP…
  32. UPSTREAM – Chevron Corp – slide 32
    Deepwater Developments Stampede Rosebank Mad Dog II Buckskin / Entered FEED in 2013 Entered FEED in 2012 Monetizes field extension Moccasin 87 MBOED capacity 100 MBOED capacity Resource potential of Hub concept opportunity…
  33. UPSTREAM – Chevron Corp – slide 33
    Canadian MCPs Hebron Kitimat LNG Operator forecast late 2017 start-up 2 x 5 MTPA LNG trains & Capacity - 150 MBOED Pacific Trail Pipeline 40 well platform rig drilling program 322,000 acres net in Liard and Horn River Gravity…
  34. UPSTREAM – Chevron Corp – slide 34
    Significant Expansions Wafra Steamflood Projects Gorgon Expansion 1st Eocene Pilot 11 TCF of resources* support expansion Achieved thermal maturity 3Q 2013 Leverages existing infrastructure 50% recovery Evaluating Train 4 2nd…
  35. UPSTREAM – Chevron Corp – slide 35
    Global Legacy Portfolio Large, low-decline 50 % of current production from legacy assets 60 % of 2020 production from legacy assets assets growing in portfolio Sustained long-term production Increased portfolio certainty…
  36. UPSTREAM – Chevron Corp – slide 36
    2014 Exploration Program Highlights Poland & Romania Liard Basin Duvernay Midland & Marcellus & Utica Delaware Basins Morocco China Offshore SA/PZ Thailand GOM DW Liberia Kurdistan Region of Iraq Suriname Nigeria…
  37. UPSTREAM – Chevron Corp – slide 37
    Long-Term Growth Beyond 2020 Poland, Romania, Ukraine and Bulgaria Liard & Horn River Basin Greenland Kitimat LNG Expansion Duvernay Marcellus & Utica Piceance Haynesville Morocco Midland & Delaware Basins Sierra Leone…
  38. UPSTREAM – Chevron Corp – slide 38
    Long-Term Value 2014 Chevron Corporation 38
  39. UPSTREAM – Chevron Corp – slide 39
    Superior Upstream Cash Margin Position Cash Margin Cash Margin Price Sensitivity Adjusted Cash Margin /BOE Adjusted Cash Margin /BOE 40 60 50 35 40 30 30 25 20 10 20 15 70 90 110 130 2009 2012 Brent Price (/BBL) CVX…
  40. UPSTREAM – Chevron Corp – slide 40
    Significant Profitable Production Growth Production growth Projected Net Production MBOED 110 continues to end of decade 3,500 TCO Expansion ALNG 3,000 Jack/St. Malo Hebron Assets for growth 2,500 Big Foot Permian Other Growth…
  41. UPSTREAM – Chevron Corp – slide 41
    Industry Leading Upstream Top earnings and cash margins Growing legacy positions Leading production growth Robust opportunity queue this decade Differentiated portfolio management 2014 Chevron Corporation 41

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